Interest on late payment of Service tax is payable on day basis or month basis
For e.g
Due date 05.04.12
Paid on 10.04.12
Interest will be paid for 1 month @ 1.5% or for 5 days @ 18% ????????
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Interest on late payment of service tax
Replies (3)
Dear Mr Niraj
In Both Cases Interest will be Same 18% Yearly
Then 18/12= 1.5% Monthly
Example---- in Case of 18% (Yearly Basis) = Service tax Amount X 18/100 X 5/365.
In Case of 1.5% (Monthly Basis) = Service tax amount X 1.5/100 X 5/30
Thanx....Sonu Kumar
Dear Mr Niraj
In Both Cases Interest will be Same.
18% Yearly
Then 18/12= 1.5% Monthly
Example---- in Case of 18% (Yearly Basis) = Service tax Amount X 18/100 X 5/365.
In Case of 1.5% (Monthly Basis) = Service tax amount X 1.5/100 X 5/30
Thanx....Sonu Kumar
Dear Mr Niraj
In Both Cases Interest will be Same.
18% Yearly
Then 18/12= 1.5% Monthly
Example---- in Case of 18% (Yearly Basis) = Service tax Amount X 18/100 X 5/365.
In Case of 1.5% (Monthly Basis) = Service tax amount X 1.5/100 X 5/30
Thanx....Sonu Kumar
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